Faruqi Wields Tested M&A Tactic To Target Exec Stock Grants

By Liz Hoffman (March 22, 2013, 8:37 PM EDT) -- Stealing a page from the merger litigation playbook, shareholder firm Faruqi & Faruqi LLP is targeting stock bonuses for company executives this proxy season, and a top rainmaker says he isn't deterred by some early losses.

Faruqi has filed at least a dozen cases since mid-2012 against Symantec Corp., Brocade Communications Systems Inc. and others, alleging that the disclosures about executive pay in their annual proxy statements are lacking.

Suing over executive pay isn't new; derivative suits targeting companies with failed "say on pay" votes — the nonbinding show-of-hands that gives stockholders a symbolic voice in compensation packages — first started...

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